Investment Rating - The report gives a "Buy" rating for the company [14]. Core Views - The company is a leader in ultrasonic equipment in China, gradually expanding its application fields and is optimistic about its platform-based layout and new business increments [2][8]. - The company has a comprehensive product matrix that covers various industry needs, with battery business as a cornerstone and rapid growth in harness, semiconductor, and consumable businesses [2][8]. Summary by Sections Company Overview - Established in 2007, the company initially focused on ultrasonic cutting for rubber tires and has since expanded into the new energy battery sector, non-woven fabrics, harnesses, and semiconductors [2][8]. - The company has developed a complete ultrasonic technology platform, providing solutions across various industries, including new energy batteries, rubber tires, non-woven fabrics, automotive harnesses, and power semiconductors [25][31]. Financial Performance - The company is expected to achieve revenue of 585 million yuan in 2024, representing a year-on-year increase of 11.30%, with significant growth in harness, semiconductor, and consumable businesses [8][41]. - The gross profit margin for Q1 2025 is reported at 64.91%, an increase of 9.30 percentage points year-on-year [8]. Business Segments - **Battery Segment**: The ultrasonic welding technology is crucial for the ear welding stage in lithium batteries, with increasing demand driven by the growth of new energy vehicle sales [9][52]. - **Semiconductor Segment**: The company has secured bulk orders in the semiconductor field, particularly for advanced packaging and testing ultrasonic equipment, benefiting from the rapid growth of IGBT [10][41]. - **Harness Segment**: The demand for high-voltage harnesses in electric vehicles has opened up the welding market, with the company leading in market share and technology [11][41]. Research and Development - The company invests heavily in R&D, with a research expense ratio exceeding 20%, and has developed six core self-researched technologies that meet international standards [12][41]. - The high-margin consumable business is growing rapidly, providing stable cash flow for the company [12][41]. Market Position - The company is positioned as a market leader with strong customer resources and has established partnerships with major players in the industry [12][41]. - The competitive landscape shows the company gradually increasing its market share against domestic competitors [9][10].

Investment Rating - The report assigns an "Accumulate" rating to the company [4] Core Views - The company is expected to benefit from the recovery in its main business and the growth of its semiconductor segment, particularly in 3D packaging technology [2][8] - The company has shown significant revenue growth, with a projected increase in revenue from 5.85 billion yuan in 2024 to 7.58 billion yuan in 2025, representing a year-on-year growth of 30% [9][11] - The net profit is expected to rise from 1.40 billion yuan in 2025 to 2.25 billion yuan in 2026, indicating a strong growth trajectory [9][11] Summary by Sections Revenue Growth - In 2024, the company achieved revenue of 5.85 billion yuan, a year-on-year increase of 11.30%, with Q4 alone contributing 1.76 billion yuan, a remarkable growth of 153% year-on-year [2] - For Q1 2025, the company reported revenue of 1.48 billion yuan, up 22.35% year-on-year, continuing the upward trend [2] - The revenue breakdown shows significant contributions from various segments: lithium battery equipment, consumables, automotive wiring harnesses, and semiconductors, with the latter experiencing a 196% increase in 2024 [2][3] Profitability - The company reported a net profit of 0.86 billion yuan in 2024, a year-on-year increase of 29.04%, with Q4 net profit reaching 0.65 billion yuan, up 804% year-on-year [3] - The net profit margin improved significantly, with a net margin of 14.52% in 2024, and Q4 net margin reaching 36.81%, reflecting a substantial enhancement in profitability [3][7] - The gross margin for 2024 was 56.89%, with Q4 gross margin at 69.66%, indicating strong operational efficiency [3][7] Semiconductor Business - The company has established a comprehensive ultrasonic technology platform, expanding into various sectors including power batteries, automotive wiring harnesses, and advanced packaging in semiconductors [8][14] - The semiconductor segment is expected to see rapid growth, with projected revenues of 0.99 billion yuan in 2025, increasing to 3.94 billion yuan by 2027, reflecting a compound annual growth rate of 100% [23][24] Investment Outlook - The company is projected to achieve revenues of 10.44 billion yuan in 2026 and 14.46 billion yuan in 2027, with net profits expected to reach 2.25 billion yuan and 3.42 billion yuan respectively [9][11] - The earnings per share (EPS) is forecasted to grow from 1.21 yuan in 2025 to 2.95 yuan in 2027, indicating strong growth potential [9][11] - The current price-to-earnings (PE) ratio is considered low compared to peers, suggesting potential for price appreciation [9][28]

Group 1 - The major shareholder, Mr. Zhu Xiang, held 7,000,000 shares, representing 6.10% of the company's total share capital before the reduction plan [1] - Mr. Zhu planned to reduce his holdings by up to 1,750,000 shares, which is not more than 1.52% of the company's total share capital, due to personal funding needs [1] - As of June 25, 2025, Mr. Zhu successfully reduced his holdings by 1,750,000 shares, accounting for 1.51% of the current total share capital [1] Group 2 - The company's total share capital increased from 114,800,000 shares to 115,733,360 shares after the completion of the first vesting period of the 2024 restricted stock incentive plan [4] - The actual reduction of shares was consistent with the previously disclosed reduction plan [5] - The reduction plan was completed within the specified time frame and did not fall short of the minimum reduction quantity [5]

Key Points - The major shareholder, Mr. Zhu Xiang, held 7,000,000 shares, representing 6.10% of the company's total share capital before the reduction plan [1] - The reduction plan was announced on March 24, 2025, allowing Mr. Zhu to sell up to 1,750,000 shares, which is 1.52% of the total share capital at that time [1] - As of June 25, 2025, Mr. Zhu completed the reduction by selling 1,750,000 shares, which is 1.51% of the current total share capital [2] - The shares were sold through block trading at a price range of 47.07 to 61.34 yuan per share, totaling approximately 91.91 million yuan [2] - After the reduction, Mr. Zhu holds 5,250,000 shares, which is 4.54% of the total share capital [2][3] - The total share capital increased from 114,800,000 shares to 115,733,360 shares due to the completion of the first vesting period of the 2024 restricted stock incentive plan [2][3]

证券代码：688392 证券简称：骄成超声 公告编号：2025-032 上海骄成超声波技术股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 大股东持股的基本情况 本次减持计划实施前，上海骄成超声波技术股份有限公司（以下简称"公 司"）的股东朱祥先生持有公司股份 7,000,000 股，占公司当时总股本的 6.10%， 已于 2024 年 1 月 29 日起全部上市流通。以上股份来源于公司首次公开发行前及 上市后资本公积转增股本取得的股份。 股东名称 朱祥 股东身份 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 √是 □否 （5%以上非第一大股东） 一、减持主体减持前基本情况 | | 董事、监事和高级管理人员 | □是 | √否 | | --- | --- | --- | --- | | | 其他： / | | | | 持股数量 | 7,000,000股 | | | | 持股比例 | 6.10% | | | | 当前持股股份 | IPO 前取得 ...

Summary of Key Points Core Viewpoint - On June 25, 2023, Jiao Cheng Ultrasound experienced significant trading activity on the block trading platform, with a total transaction volume of 536,700 shares and a total transaction value of 32.92 million yuan, indicating strong institutional interest in the stock [2]. Trading Activity - The average transaction price was 61.34 yuan, representing a discount of 9.99% compared to the closing price of the day [2]. - Institutional proprietary seats were involved in all four transactions, with a total transaction amount of 32.92 million yuan and a net purchase of 32.92 million yuan [2]. - Over the past three months, Jiao Cheng Ultrasound has recorded a total of 21 block trades, amounting to 143 million yuan [2]. Stock Performance - The closing price of Jiao Cheng Ultrasound on the same day was 68.15 yuan, reflecting an increase of 3.23% [2]. - The stock had a turnover rate of 4.73%, with a total trading volume of 223 million yuan and a net inflow of main funds amounting to 3.66 million yuan for the day [2]. - In the past five days, the stock has risen by 12.95%, with a total net inflow of funds amounting to 50.96 million yuan [2]. Margin Trading Data - The latest margin financing balance for Jiao Cheng Ultrasound is 252 million yuan, which has decreased by 36.17 million yuan over the past five days, representing a decline of 12.57% [2].

Core Points - The major shareholder, Shanghai Jianlin Enterprise Management Partnership (Limited Partnership), reduced its stake in Shanghai Jiaocheng Ultrasonic Technology Co., Ltd. from 9,736,376 shares (8.48%) to 7,607,596 shares (6.57%) through a share reduction plan [1][2][5] Group 1: Shareholder Information - Before the reduction, the major shareholder held 9,716,364 shares, accounting for 8.46% of the total share capital, with 8,596,322 shares being tradable since September 27, 2023 [1][2] - The reduction plan was announced on March 24, 2025, due to the shareholder's funding needs, allowing for a maximum reduction of 1.87% over a three-month period [2][3] Group 2: Reduction Results - The actual reduction amounted to 2,128,780 shares, completed through both block trades and centralized bidding, with a total transaction value of approximately 109.17 million yuan [3][4] - The reduction period spanned from April 30, 2025, to June 17, 2025, with the share price ranging from 50.00 to 54.50 yuan per share [3][4] Group 3: Impact of the Reduction - The reduction did not lead to a change in the company's controlling shareholder or actual controller, nor did it trigger a mandatory bid or violate any prior commitments [4][5] - The reduction was influenced by the company's 2024 restricted stock incentive plan, which resulted in a passive dilution of the shareholder's stake [4][5]

Core Points - The report details a reduction in shareholding by Zhu Xiang in Shanghai Jiaocheng Ultrasonic Technology Co., Ltd., with the shareholding percentage decreasing to 5% due to passive dilution and block trading [1][5][6] - The total shareholding before the change was 7,000,000 shares, representing 6.10% of the company's total equity, which increased to 115,733,360 shares after the equity incentive registration [5][8] - The report confirms that there are no other plans for share reduction or acquisition in the next 12 months, aside from the disclosed reduction [4][6] Section Summaries Section 1: Definitions - The report defines key terms such as "equity change," "information disclosing obligor," and relevant laws and regulations governing the report [3] Section 2: Information Disclosing Obligor Introduction - Zhu Xiang is identified as the information disclosing obligor, with no foreign residency rights [4] Section 3: Purpose of Equity Change and Shareholding Plan - The equity change is attributed to passive dilution and personal funding needs, with no additional share reduction plans disclosed for the next 12 months [4][6] Section 4: Method of Equity Change - Zhu Xiang's shareholding was reduced from 7,000,000 shares to 5,786,700 shares, a decrease of 1,213,300 shares, representing 1.52% of the total equity [5][8] Section 5: Trading Activity in the Last Six Months - No other trading activities in the company's shares were reported in the six months prior to the report [7] Section 6: Other Significant Matters - No additional significant information was disclosed that could mislead the report's content [7] Section 7: Documents for Reference - The report and related documents are available for review at the company's securities investment department [7]

Core Viewpoint - The announcement details a change in the equity stake of a major shareholder, Zhu Xiang, who has reduced his holdings in Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. to 5.00% through a combination of stock dilution and share reduction, without triggering a mandatory takeover bid [1][2][3]. Summary by Sections 1. Basic Situation of Equity Change - Zhu Xiang's shareholding has decreased to 5,786,700 shares, representing 5.00% of the company after the equity change [1]. - The reduction in shareholding is due to the passive dilution from the vesting of restricted stock and a planned reduction through block trading [1][2]. 2. Details of Share Reduction - Zhu Xiang's shareholding was previously 7,000,000 shares, which accounted for 6.10% of the total shares before the change [2][3]. - The total share capital of the company increased from 114,800,000 shares to 115,733,360 shares due to the vesting of 933,360 restricted shares [1][2]. 3. Subsequent Matters - The equity change does not affect the control of the company or its governance structure, and it will not have a significant impact on the company's ongoing operations [3][4]. - The company will continue to monitor Zhu Xiang's shareholding changes and fulfill its disclosure obligations as required by law [4].

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a strong potential for price appreciation in the next 6-12 months [1]. Core Insights - The company has shown significant improvement in profitability, with a notable increase in revenue and net profit in recent quarters, particularly in the automotive and semiconductor sectors [4][5]. - The company is expected to benefit from the growing demand in the new energy vehicle and semiconductor markets, with projections for continued revenue growth in the coming years [8]. Financial Performance Summary - For the fiscal year 2024, the company reported revenue of 585 million yuan, a year-on-year increase of 11.3%, and a net profit of 86 million yuan, up 29.04% [4]. - In Q1 2025, the company achieved revenue of 148 million yuan, reflecting a 22.35% year-on-year growth, and a staggering net profit increase of 2152.47% [4]. - The company’s gross margin improved significantly, reaching 64.91% in Q1 2025, driven by a favorable product mix [4]. Business Segment Analysis - The automotive wire harness connector business is experiencing strong growth, with revenue from ultrasonic equipment for wire harnesses reaching 81.34 million yuan in 2024, a 352.37% increase [5]. - The semiconductor business is also poised for rapid growth, with revenue from ultrasonic equipment reaching 46.93 million yuan in 2024, a 195.66% increase, benefiting from domestic substitution trends [5]. - The accessories and consumables segment saw a revenue increase of 70.45% in 2024, with a gross margin improvement to 75.93% [6]. Future Projections - The company is expected to see continued growth in net profit, with projections of 133 million yuan in 2025, 203 million yuan in 2026, and 289 million yuan in 2027, representing year-on-year growth rates of 54.9%, 52.9%, and 42.2% respectively [10][12]. - Earnings per share (EPS) are projected to increase to 1.15 yuan in 2025, 1.76 yuan in 2026, and 2.50 yuan in 2027 [10][12].